• 06 Jun 2011 at 2:54 PM

Meredith Whitney Adds 10 New States To Her Sh*t List

MDubs has issued a new state budget and debt report and Arizona, Nevada, Connecticut, Wisconsin? Might want to run. (Also, re last year’s prediction on muni bond defaults- she was just ball-parking, no one should’ve taken those numbers at face value.)

Whitney tells Fortune she never meant to make more than a general forecast. “I never intended on framing the scale of defaults as a precise estimate, but I continue to believe that degree of municipal defaults will be borne out over the cycle. I meant to point out that the state debt problem is a massive headwind for the U.S. economy, second in importance only to housing.”

[...]

Whitney’s latest report is even more thorough than last year’s analysis that started the uproar. It covers 25 of the largest states, adding ten new ones to the list, including Arizona, Nevada, Connecticut, and Wisconsin. The problem starts with spending. Since 2003, state governments have raised annual outlays from $1.5 trillion to almost $2.2 trillion, or $700 billion, yet tax receipts have risen only $400 billion or $300 billion less, to $1.4 trillion. In fact, spending kept surging all during the recession, while income from sales, income and corporate taxes went totally flat in 2007.

M-Dubs doesn’t put everyone on notice, however. Whereas Connecticut receives one whip of the cat-o-nine-nails for every dollar over budget, Indiana, which gets a pat on the head and a scratch behind the ears, is dubbed a “model citizen.”

Meredith Whitney State Finances Are Worst Than Estimated [Fortune via Katie Benner]

38 comments (hidden to protect delicate sensibilities)
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Comments (38)

  1. Posted by Bernard | June 6, 2011 at 7:03 PM

    she’s full of shit

  2. Posted by Guest | June 6, 2011 at 7:06 PM

    She gets less attention when she doesn’t flash the cleavage

  3. Posted by Anonymous | June 6, 2011 at 7:08 PM

    I learned a while back, that if I don’t text “911″ people will not return my calls.  But now people always return my calls because they think that something horrible has happened.

  4. Posted by Anonymous | June 6, 2011 at 7:08 PM

    And, let me guess: nobody will actually be able to *see* the report except for her [real as TRE CN's trees] clients.

  5. Posted by Brian1284 | June 6, 2011 at 7:14 PM

    Disclaimer:  It important not to read too much into any one report, actual results may vary greatly. 

  6. Posted by InfiniteGuest | June 6, 2011 at 7:15 PM

    MW taking a page out of Austan G’s math book.

  7. Posted by Dr. Rosenrose | June 6, 2011 at 7:21 PM

    This report is “even more thorough” than the last one?!  Brilliant, Fortune.  That’s like saying Madoff is even more trustworthy now than he was a couple years ago.

  8. Posted by Anonymous | June 6, 2011 at 7:41 PM

    I’d let her break my jaw.

  9. Posted by Guest | June 6, 2011 at 7:45 PM

    What is she stroking in this picture?

    -guy who would rather talk about the associated picture than another dumb MW report that’ll never cum to fruition.

  10. Posted by Anonymous | June 6, 2011 at 7:47 PM

    #Notintendedtobeafactualstatement

  11. Posted by Guest | June 6, 2011 at 7:47 PM

    Maybe she can team up with Anthony Weiner and do some tranny/midget porn

  12. Posted by Buy Side Analyst | June 6, 2011 at 7:50 PM

    I wish I could ride one correct call (C will have to cut their dividend) for the rest of my career.

  13. Posted by Guest | June 6, 2011 at 7:51 PM

    At Oppenheimer she was famous for this woaa…. blowjobs

  14. Posted by Tom C | June 6, 2011 at 7:57 PM

    “M-Dubs doesn’t put everyone on notice, however. Whereas Connecticut
    receives one whip of the cat-o-nine-nails for every dollar over budget,
    India, which gets a pat on the head and a scratch behind the ears, is
    dubbed a “model citizen.”

    I missed this in the news, when did we capture India?

  15. Posted by Message for you, sir | June 6, 2011 at 8:18 PM

    Is it me, or does her head look like it’s begging for a norman helmet? Like the Monty Phython ones; “your grandmother smelled of elderberries” type.

  16. Posted by trojan | June 6, 2011 at 8:25 PM

    Malloy just raised taxes- did that little fact not make her analysis

  17. Posted by Nostradoofus | June 6, 2011 at 8:31 PM

    When I was reading the predictions of Harold Camping a while back I thought about Meredith Whitney.

  18. Posted by sombra | June 6, 2011 at 9:39 PM

    Dudes, what she says may be true, pull your hands out of your clients pockets long enough to  think about it.

  19. Posted by Clark | June 6, 2011 at 10:07 PM

    the Elaine Garzarelli of today’s financial media darling

  20. Posted by Finn Alexander | June 7, 2011 at 2:50 AM

    Whatever became of Elaine Garzarelli, with that frizzy head of hair?

  21. Posted by Lidstrom needs another cup! | June 7, 2011 at 3:57 AM

    he is a communist party functionary now. they made a 60 minute segment about him a couple years ago. 

  22. Posted by Guest | June 7, 2011 at 1:13 PM

    and i may not cum in your mouth …. does that mean i should pull out long enough to think about it?  yea – did not think so

  23. Posted by Guest | June 7, 2011 at 1:13 PM

    and i may not cum in your mouth …. does that mean i should pull out long enough to think about it?  yea – did not think so

  24. Posted by PayAsYouGo | June 7, 2011 at 1:24 PM

    Guess you think the state can continue to send your 3 welfare checks for every person paying their taxes???  Only the federal government gets to spend money it doesn’t have.  Oh Wait!!!  The federal government is ALSO going to have to balance its budget??

    Who is going to back the pensions and the welfare checks??

  25. Posted by PayAsYouGo | June 7, 2011 at 1:24 PM

    Guess you think the state can continue to send your 3 welfare checks for every person paying their taxes???  Only the federal government gets to spend money it doesn’t have.  Oh Wait!!!  The federal government is ALSO going to have to balance its budget??

    Who is going to back the pensions and the welfare checks??

  26. Posted by dick bove's mother | June 7, 2011 at 1:28 PM

    She only makes predictions whenever JBL gets a fresh new load of his penis hardening juice.
    No, seriously. He sells this shyte.

  27. Posted by dick bove's mother | June 7, 2011 at 1:28 PM

    She only makes predictions whenever JBL gets a fresh new load of his penis hardening juice.
    No, seriously. He sells this shyte.

  28. Posted by Poppie | June 7, 2011 at 4:12 PM

    she moved up at oppy by blowing dudes

  29. Posted by Bear | June 7, 2011 at 7:20 PM

    say what u like about MW, but MS is steadily going towards 21$ as she predicted. Self-fulling prophecy? 

  30. Posted by Wharton MBAAlum | June 7, 2011 at 10:18 PM

    Is Meredith Whitney just making these predictions at this point for publicity?  She seems to love trading jabs now on muni bonds with her cross-town rival Alexandra Lebenthal of Lebenthal & Co. (true muni bond experts).

    One thing is clear: her privately held research firm Meredith Whitney Advisory Group is losing money (according to private company financial data site PrivCo.com, which is usually pretty accurate for private co. financials:
    http://www.privco.com/private-company/meredith-whitney-advisory-group-llc

    She clearly needs to do something to stir the pot, as the MWAG firm isn’t making money on just selling research on bank stocks.  Attacking muni bonds publicly seems to be it.

  31. Posted by Wharton MBAAlum | June 7, 2011 at 10:18 PM

    Is Meredith Whitney just making these predictions at this point for publicity?  She seems to love trading jabs now on muni bonds with her cross-town rival Alexandra Lebenthal of Lebenthal & Co. (true muni bond experts).

    One thing is clear: her privately held research firm Meredith Whitney Advisory Group is losing money (according to private company financial data site PrivCo.com, which is usually pretty accurate for private co. financials:
    http://www.privco.com/private-company/meredith-whitney-advisory-group-llc

    She clearly needs to do something to stir the pot, as the MWAG firm isn’t making money on just selling research on bank stocks.  Attacking muni bonds publicly seems to be it.

  32. Posted by sombra | June 7, 2011 at 11:01 PM

    As I thought, you’re one of the greedy bastards with the “only my opinion counts” attitude.

  33. Posted by sombra | June 7, 2011 at 11:01 PM

    As I thought, you’re one of the greedy bastards with the “only my opinion counts” attitude.

  34. Posted by Hoboken Harry | June 8, 2011 at 3:07 AM

    Wake up people….NJ state revenue for 2010 was over 900 million dollars more than 2009 BUT, the courts decreed WE must spend 550 million on the poor and failing schools of NJ.   Laffer Curve — maybe — “At the beginning of a dynasty Taxation Yields a large revenue from a small assesment — At the end of a dynasty Taxation Yields a small revenue from a large assesmnent.  Ibn Khaldoun – 14th Century… From Ronald Reagan’s notes……Hoboken Harry

  35. Posted by Hoboken Harry | June 8, 2011 at 3:07 AM

    Wake up people….NJ state revenue for 2010 was over 900 million dollars more than 2009 BUT, the courts decreed WE must spend 550 million on the poor and failing schools of NJ.   Laffer Curve — maybe — “At the beginning of a dynasty Taxation Yields a large revenue from a small assesment — At the end of a dynasty Taxation Yields a small revenue from a large assesmnent.  Ibn Khaldoun – 14th Century… From Ronald Reagan’s notes……Hoboken Harry

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